The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.

  • USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.
  • CNH is the offshore yuan. USD /CNH has no restrictions on its trading range.
  • A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.

The previous close was 7.2315

In open market operations (OMOs):

  • PBOC injects 288bn yuan via 7-day RR, sets rate at 1.5%
  • 126bn yuan mature today
  • net injection is 162bn yuan

Earlier re the People's Bank of China:

pboc